After Burner: Black Falcon is the fourth game in the After Burner series, released almost fifteen years after the previous game. Just like the earlier ones it is an action based flying game, shown from a third-person perspective. Familiar characteristics are the fast pace, taking on many enemies at once with a combination of hit-scan and lock-on weapons, and evasive manoeuvres through rolls.

The game consists of 24 levels. Players choose from three pilots (Billy Blaze, Harrison Duke and Tomiko Rossellini) to go after the terrorist cell Black Falcon that has stolen thirteen prototype planes. Each pilot brings along different plot twists and there are nineteen different planes to fly (mostly jets). They can be equipped with weapons and items, or be given a paint job. The game takes place on locations all over the world and while flying there are often short sequences by the pilots. There are also many objects in the scenery that need to be avoided or destroyed. Missions have main objectives and side missions that brings along more money for upgrades. As usual, there are large bosses that wield weapons such as EMP.

Multiplayer is supported for eight players, in competitive modes and a two-player cooperative mode.